(L-r) Idowu Semowo, Executive Director, Finance and Investment, NEM Insurance Plc; Ifunanya Iwuagwu, Company Secretary/Legal Adviser; Andrew Ikekhua, MD/CEO, NEM Insurance Plc; Tope Smart, Group Chairman; Daphne Dafinone, Director and Kelechi Okoro, Non-Executive Director at the 56th annual general meeting of NEM Insurance Plc held in Lagos
Shareholders of NEM Insurance Plc have commended the company’s board and management following the recommendation of a N7.52 billion dividend payout for the 2025 financial year amid strong growth across key financial indicators.
The commendation came at the company’s 56th Annual General Meeting in Lagos, where the Group Chairman, Tope Smart, presented the Annual Report and Financial Statements for the year ended December 31, 2025.
The board recommended a dividend of N1.50 per ordinary share amounting to N7.52 billion, subject to shareholders’ approval and deduction of withholding tax at the applicable rate.
Shareholders at the meeting expressed satisfaction with the company’s consistent returns and resilient performance despite the challenging business environment, noting that the proposed dividend demonstrated management’s commitment to rewarding investors.
Speaking on the company’s performance, Smart disclosed that insurance revenue grew by 56 per cent from N97.9 billion in 2024 to N152.3 billion in 2025, while Investment income also rose significantly by 70 per cent to N12.9 billion from N7.6 billion recorded in the previous year.
He added that the company’s subsidiaries, NEM Asset Management Company Limited and NEM Health Limited, did quite well and made positive contributions to the Group’s earnings during the year under review.
On claims settlement, Smart stated that claims expenses increased to N49.8 billion in 2025 from N31.3 billion in 2024, reflecting the company’s commitment to meeting obligations to policyholders promptly.
According to him, the Group recorded a profit before tax of N27.9 billion. He, added that the company maintained a strong financial position as financial assets increased by 38 per cent, while total assets and total equity rose by 49.8 per cent and 29 per cent respectively.
As part of its expansion drive, Smart revealed that plans to establish a life assurance company were at an advanced stage and would soon be unveiled.
Also speaking at the AGM, the Managing Director of NEM Insurance Plc, Andrew Ikekhua, said the company’s balance sheet remained robust, reflecting strong capitalisation and preparedness to operate effectively under the new regulatory capital regime introduced by the Nigerian Insurance Industry Reform Act 2025.
He noted that the company also received several awards and recognitions in 2025, including Best General Insurance Company of the Year; Outstanding Performance in Claims Settlement Award by Risk Analyst; and the Pearl Award in the Financial Services ( Insurance Sector) for the year 2025.
